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Blurred lines galore Nischal Shetty, CEO of Indian cryptoc

0x271dd640d04e7ea4347ca8bdb36663f20890e49e@newsletter.paragraph.com (Untitled) — Thu, 09 Dec 2021 03:40:22 GMT

Nischal Shetty, CEO of Indian cryptocurrency exchange WazirX, told Cointelegraph that it is hard to comprehend what the government means by private cryptocurrencies, especially since prominent assets like Bitcoin (BTC) and Ether (ETH) are essentially public cryptos that have been built atop transparent blockchain infrastructures — with each project featuring its very own set of specific use cases.

Shetty further highlighted that people cannot use the Indian rupee or Tether (USDT) to pay for fees on the Bitcoin or Ether blockchains. Instead, they need crypto to use decentralized applications (DApps) and create nonfungible tokens (NFTs). He said:

“While the description of the draft bill appears to be the same as in January 2021, several noteworthy events have occurred since January. First, the Parliamentary Standing Committee invited a public consultation, and then our Prime Minister himself came forward to call for crypto

Blurred lines galore Nischal Shetty, CEO of Indian cryptoc

0x271dd640d04e7ea4347ca8bdb36663f20890e49e@newsletter.paragraph.com (Untitled) — Thu, 09 Dec 2021 03:40:15 GMT

“While the description of the draft bill appears to be the same as in January 2021, several noteworthy events have occurred since January. First, the Parliamentary Standing Committee invited a public consultation, and then our Prime Minister himself came forward to call for crypto

That said, there is still a lot of confusion regarding what

0x271dd640d04e7ea4347ca8bdb36663f20890e49e@newsletter.paragraph.com (Untitled) — Thu, 09 Dec 2021 03:39:54 GMT

That said, there is still a lot of confusion regarding what the term private crypto constitutes, with some people speculating that it may refer simply to security-centric tokens such as Monero (XMR) or ZCash (ZEC). On the other hand, Naimish Sanghvi, founder of crypto news website Coin Crunch India, thinks that the Indian government’s definition of a private asset could expand to include pretty much every crypto in the market, stating:

“In the 2019 Department of Economic Affairs report on cryptocurrency, they essentially said that everything that is non-sovereign is designated as a private cryptocurrency. And by that logic, it means that Bitcoin and Ethereum will come into that definition.”

Smart crypto policy could keep India's tech dominance on top

0x271dd640d04e7ea4347ca8bdb36663f20890e49e@newsletter.paragraph.com (Untitled) — Thu, 09 Dec 2021 03:39:41 GMT

There’s no denying that the Indian government shares a contentious relationship with cryptocurrencies, as was made clear recently when the government indicated that it plans on banning all private cryptocurrencies — a list that could potentially include just about every digital asset in the market today — after it had previously lifted all such restrictions back in 2019.

To elaborate, it is expected that as the government reconvenes for its Winter Session, it will discuss the Cryptocurrency and Regulation of Official Digital Currency Bill 2021, which as the name suggests, seeks to create a legislative framework wherein all private cryptocurrencies can potentially be banned.

Money market funds are regulated in the sense

0x271dd640d04e7ea4347ca8bdb36663f20890e49e@newsletter.paragraph.com (Untitled) — Thu, 09 Dec 2021 03:39:23 GMT

Money market funds are regulated in the sense that you need to have [and disclose] cash equivalents. But they are not regulated with the same harshness that they're currently proposing [for] stablecoins. This doesn't apply to fully decentralized ones like Frax that have absolutely no claims on real-world assets, or even advertise any form of redeemability. The whole point of Frax is that our protocol works by targeting the open market exchange. I think I'm pretty open to the belief that the regulation portion will work itself out.